Hot on the heels of stablecoin issuer Circle’s strong debut on the New York Stock Exchange, cryptocurrency exchange Gemini has taken steps toward its own initial public offering (IPO). The Winklevoss brothers-led company has confidentially filed a draft Form S-1 registration statement with U.S. regulators, though specifics on share quantity and pricing remain undetermined. Gemini stated it will proceed with the IPO once the SEC completes its review and market conditions permit.
The move comes as Circle’s successful listing reinvigorates crypto industry ambitions. “Crypto markets are volatile—when a window opens, you take it,” noted Renaissance Capital’s Matt Kennedy. Gemini, which facilitates trading for over 70 cryptocurrencies, could benefit from a potentially improving U.S. regulatory landscape, as Congress debates stablecoin legislation that may bring clearer rules to the sector.
Founded by Cameron and Tyler Winklevoss—best known for their legal battle with Meta (then Facebook) over stolen social media ideas—Gemini has long been a prominent player in crypto. The brothers’ 2008 settlement, which included cash and Facebook stock, funded their crypto ventures. Their latest IPO push signals growing confidence in crypto’s Wall Street appeal amid shifting regulations.
With multiple crypto firms now eyeing public listings, Gemini’s progress could test investor appetite for exchange stocks in a still-nascent regulatory environment.
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